CHINA’S 10,000 TONS OF GOLD WILL DESTROY THE DOLLAR

I spoke with Sean at SGT Report on the very latest in the gold and silver markets. As we note, Bloomberg’s mockingbird journalist Nicholas Larkin recently wrote that if China could obtain 10,000 TONS of gold, it would justify a re-pricing of gold to $64,000 ounce. However, Larkin argues that China has well under 2,000 tons by referencing the nation’s last official report from 2009. Steve and I discuss how it’s far more likely that China already has 10,000 Tons of gold NOW! So… what happens to the gold price once China officially updates its six year old “official” number… huh Bloomberg?!

Here is more of what Sean of SGT Report had to say about the interview:

We also talked about the curious case of record physical silver imports by the US government and the big move just ahead for silver. Will it finally be UP? Or is it going down further at the hands of the commercial banks and their burgeoning new short positions?

As for the macro-economic outlook, Steve offers a reality check, about the current state of the global paper Ponzi scheme, “The inflation we should really be seeing is astronomical, but people think get a statement and it says you’ve got a half a million in your retirement. Well that’s where the inflation went. It’s all in these paper assets, and they’re going to implode. And then we’re really going to see what inflation is,” Steve says. He concludes, “So I think it’s going to destroy the net present value of most paper assets, and we are going to see a huge recalculation of what it actually costs to buy something.”

You can listen to the interview by watching the video above, or you can to directly to SGT Report and watch it here: CHINA’S 10,000 TONS OF GOLD WILL DESTROY THE DOLLAR — SRS Rocco

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HYMN
Guest
HYMN

For anyone in the business to quote a six year old number, which was more than likely an under estimate then, is just irresponsible and laziness on their part. In fact it’s unbelievable that anyone who can read and has read anything on the subject in the past six years would make such a statement. However, Mr. Larkin may be correct about the 64,000 dollar figure,and thats the question does China possess 10,000 tons. I believe it does, will it report all it has, I think that’s highly unlikely.

Kennyboy
Guest
Kennyboy

China is HIDING the REAL amount of Gold it has, and Lot of people KNOW it but are not saying anything about it…and its WAY more than 10,000 tons. It may be the REAL reason WHY there is a LOT of “Stealth buying” of Silver. The evidence of Silver’s REAL value is yet t be SEEN…but I believe we’ll find out VERY SOON!

R S Dorsey
Guest
R S Dorsey

Mr. St. Angelo rightly values Bill Holter’s opinions about the situation as it worsens around us but keeps the opinion that 2020 is a reasonable date for the big meltdown while Mr. Holter, Andy Hoffman, Jim Sinclair and others agree that this Fall’s IMF decision for inclusion of the renminbi in the SDR basket will require China to announce at least a major portion of its gold holdings (no one tells all the truth) and that is expected to be far more than even the now-fantastical figure of 8400 tons in the US. I respect Mr. St. Angelo’s work but… Read more »

RD
Guest
RD

Sinclair, hotler and all these jackasses have been wrong for years regarding timing…

Their credibility is nil. Period…

SteveW
Guest
SteveW

The article title is totally bullshit. And Bloombergs Nick Larkin is equally full of shit. China may very well have 10,000 tons of gold which will be revealed, probably in September, to guarantee the addition of the Yuan to the IMF basket of funds and it’s part in SDRs in October 2015 This has little or nothing to do with the collapse of the dollar. It is merely Chinas way of creating a strong currency and protecting their international currency status. The dollars collapse will happen whether China has 1,000 tons or 10,000 tons. The dollars collapse is because of… Read more »

ken
Guest
ken

Steve

Thanks for your work!

My headline would read:

China’s 25,000 Tons of Gold will destroy the Dollar

Got SILVER…….

OutLookingIn
Guest
OutLookingIn

Want to see ALL the dots connected? Watch this.

http://www.youtube.com/watch?v=RapC2-oxSRM

David
Guest
David

He’s right.

Watch/listen to this and get a much better understanding of where the economy is at without even factoring in EROI declines.

Brian
Guest
Brian

Phew! All those words and comments over a load of the usual crap and disinformation from Bloomberg. Is it really a productive expenditure of one’s time to read/listen to their stuff anymore. I don’t think so and so I don’t. Just a personal recommendation 🙂

Adam Price
Guest
Adam Price

The GOVERNMENT of China only has 1,054 metric tonnes of gold worth only around $60 billion. The total amount of gold in China is only around 10,000 metric tonnes but that is NOT OWNED BY THE GOVERNMENT of China at all and only has a value of around $600 billion which is a TINY PITTANCE compared to the aggregate value of the US dollar which is $10 trillion based on M1, $12 trillion based on M2, and just under $13 trillion based on MZM. China has been the MOST EGREGIOUS MONEY PRINTER in the world and has printed more than… Read more »

eric
Guest
eric

This darn used cat we just adopted last March, just took a steaming dump on a pile of extension cords in my bedroom. Anyone know how to clean cat crud off of wires?